Category: Technial Analysis
USDCHF, “US Dollar vs Swiss Franc” USDCHF is pushing off the resistance level. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 0.8935 is expected, followed by a rise to 0.9075. An additional signal confirming the rise will be a rebound from the upper border […]
On Friday, the dollar continued to gain ground, while the price of gold dropped to $2000 per ounce. This occurred as the details of the US Consumer Price Index (CPI) report for April failed to fully convince investors that the Federal Reserve would refrain from raising interest rates in June. Additionally, the argument regarding lower-than-expected […]
UK Growth Falls in March The latest set of UK economic data has added to concerns for the UK economy. On the back of the BOE yesterday warning that inflation was likely to persist at higher levels for longer than previously thought, the economy was seen contracting by 0.3% in March. Data released by the […]
Crypto Collapse Continues Bitcoin futures are extending losses today as the sell off from recent highs around the 31110 level continues to build. The crypto sector has been hit with negative news flow this week which has rocked investor sentiment. News of processing issues at Binance, the largest crypto exchange, has struck a sour note […]
UK Rates Hit 15yr Highs The British Pound came under heavy selling pressure yesterday as traders reacted to the latest rate adjustment from the BOE. The UK central bank hikes rates for a 12th consecutive meeting to highs of 4.5% from 4.25% prior. Additionally, the BOE signalled that with inflation still high and expected to […]
The British pound looks weaker against the US dollar on Friday. The GBPUSD pair is currently quoted at 1.2528. The Bank of England decided at its May meeting to raise the interest rate to 4.50% per annum from 4.25% previously. The decision was agreed by seven votes out of nine. The BoE commented that inflation […]
EURUSD, “Euro vs US Dollar” On H4, near the support level, the pair has formed a Hammer reversal pattern. Currently, the instrument is going by the reversal signal in an ascending wave. The corrective target could become 1.0965. However, the price might drop to 1.0890 and continue the downtrend without testing the resistance level. USDJPY, […]
Daily Market Outlook, May 12, 2023 Asian equities experienced mixed performance to close out the week, as a result of tepid earnings Stateside and lingering concerns over US regional banks, with several names hitting circuit breakers during US trading. The subdued performance in the United States, coupled with disappointing initial jobless claims, contributed to an […]
TitleES1! H4 | Approaching 78.6% Fibo resistance TypeBearish Reversal Preference:Price could approach the pivot point of 4179.09 and potentially reverse from here, we could see momentum carry price down to its 1st support of 4124.77. Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance of 4205.94.. To discuss this trading […]
EURUSD, “Euro vs US Dollar” The currency pair has completed a wave of decline to 1.0900. Today the market is forming a consolidation range above this level. A structure of growth could develop to 1.0950, followed by a decline to 1.0892. If the price escapes the range upwards, , the potential for a correction to […]